Permission to Tap 401(k)s Worries SEC Chief
New penalty-free retirement plan withdrawals, meant as recession relief, may result in too-risky investing, Jay Clayton says.
Regulation
SEC Swats Away COVID-19 Scammers
Pandemic keeps regulator busy protecting investors from flood of fraudulent claims.
UK Regulator Targets Defined Benefit Transfer Weaknesses
FCA bans contingent charging, finds British Steel pensioners received worse advice than most.
Convicted Officials Shouldn’t Get Public Pensions, Say North Carolina Lawmakers
Bill before legislature is sparked by anger over a county employee who won government retirement benefits after embezzling nearly $1 million.
Ohio Court Rules Segal Blend Violates ERISA
Case has ‘significant ramifications’ for employers contesting their withdrawal liability from multiemployer plans.
US Indicts 33 in $2.5 Billion Scheme to Aid North Korean Nukes
North Korean, Chinese nationals charged with funneling money through US banks.
Ares Management to Pay $1 Million to Settle SEC Charges
SEC says private equity firm failed to enforce potential misuse of material nonpublic information.
Rhode Island Attorney Jailed for Collecting Pension Benefits of Deceased Client
Attorney pleads guilty to taking $234K over 12 years.
Supreme Court Rules Pensioners in Fully Funded Plans Can’t Serve ERISA Suits
Plaintiffs charging mismanagement of funds would have received the same fixed payment regardless of investment outcomes, the ruling said.
Trump to Investigate the ‘Hidden Risks’ of Investing in Chinese Companies
The president pledges to ‘protect American investors’ by studying the operational behaviors and guiding principles of the Chinese companies that they invest in.
Movie Producer Accused of Defrauding BlackRock Fund
William Sadleir was arrested after allegedly using BlackRock investment to buy a mansion and a Tesla.
SEC Recommends Creating Disclosure Framework for ESG Investments
Investment committee finds current ratings to be too confusing for investors and aims to create a firmer standard for reporting ESG metrics.
Ex-State Street Exec Loses Fraud Appeal
Ross McLellan was convicted in 2018 of plugging hidden commissions into trades.
SEC Appoints Receiver for Florida Firm Charged with Fraud
TCA Fund Management allegedly falsely inflated asset values by $130 million.
Morningstar to Pay $3.5 Million SEC Conflict of Interest Penalty
Analysts conducted both sales and ratings operations, the US securities regulator said.